The local gaming unit of Macau’s Melco Crown group has obtained approval from the Securities and Exchange Commission to jack up its authorized capital stock ahead of a $400-million fresh equity offering plan.
Melco Crown (Philippines) Resorts Corp. (MCP), the backdoor-listing vehicle for the local gaming operations of Macau’s Melco gaming group, plans to raise up to $400 million from a fresh equity offering.
Macau casino magnate Lawrence Ho has no doubt that the Philippine gaming industry could be as big as Las Vegas or Singapore’s in the next five to six years.
The Anti-Money Laundering Council hopes to persuade Congress to amend again the law against dirty money transactions, saying that the continued exclusion of casinos from a list of establishments required to report their financial activities has been hurting the Philippines’ image abroad.
The Philippines’ burgeoning gaming industry may surpass Singapore’s $5.6-billion gaming market by 2018 on the back of a larger local mass market and likely spillover of foreign high-rollers, foreign bank Credit Suisse said.
Four license holders form the backbone of Philippine Amusement and Gaming Corp’s. (Pagcor) Entertainment City.
MANILA, Philippines—The head of the state-owned Philippine Amusement Gaming Corp. (Pagcor) sees the country becoming a key player in international gaming, accounting for up to a tenth of the global gaming market in a few years. In a statement that reported on the highlights of a recent regional forum, Pagcor chairman Cristino Naguiat Jr. [...]
Macau casino giant Melco Crown Entertainment has committed to invest up to $580 million in a Philippine entertainment complex as a strategic partner of tycoon Henry Sy, becoming the single largest investor in a “world-class” entertainment complex jumpstarted by Belle Corp.
Leisure estate and gaming firm Belle Corp. plans to open its casino in Pagcor City “sometime next year” and is now awaiting an additional P3-billion fund-raising by partner Leisure and Resorts World Corp. to build the hotel portfolio required by the government.
In April 2008, Philippine Amusement and Gaming Corp. (Pagcor) resurrected a plan to put up a “Las Vegas-style” casino and tourism complex on Manila Bay. Originally unveiled in 2007, it was initially called “Pagcor Entertainment City.”
The state-owned Philippine Amusement and Gaming Corp. chalked up record-high revenues for the fourth consecutive month in August as robust gaming operations were complemented by the agency’s cost-saving measures.
Philippine casinos are generating record revenues as the country cashes in on Asia’s exploding gambling market, according to state regulator Philippine Amusement and Gaming Corp.
